TORONTO, June 19, 2017 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (“WeedMD” or the “Company”), a federally licensed producer of medical cannabis, is pleased to announce that on June 16, 2017, the Company received a supplemental license from Health Canada for the production of medical cannabis oils.
The Company has imported a purpose-built high-throughput ethanol extraction machine from Germany, with the goal of starting R&D and production of cannabis oils immediately. After thorough analysis, WeedMD concluded that ethanol extraction is capable of producing a clean product that meets and exceeds the regulator’s strict guidelines, while providing a scalable and low-cost platform to service the future demand for oil and other extracted products. Once the Company has produced and inventoried saleable batches of oil, it will invite Health Canada to conduct a final inspection to secure an amendment permitting the sale of cannabis oils.
“This is an important milestone in our path and commitment to providing physicians and their patients with alternative, more convenient and dose-controlled consumption methods,” said Bruce Dawson-Scully, CEO of WeedMD. “We look forward to providing our patients with consistent, quality product in a variety of consumption methods as well as educating them and the medical community on the benefits of oil extracts. Based on data released by Health Canada, cannabis oil sales continue to grow at a faster rate than dried flower, and WeedMD will now be positioned to serve the long term care and seniors market with cannabis oil.”
For more information, access our investor presentation on our website here.
About WeedMD Inc.
WeedMD Inc. is a licensed producer of medical cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations (ACMPR). WeedMD operates a 26,000 square foot, scalable production facility in Aylmer, Ontario with four acres of property for future expansion. WeedMD is focused on providing consistent, quality medicine to the long-term care and assisted living markets in Canada through its comprehensive platform developed exclusively for that industry. WeedMD is dedicated to educating healthcare practitioners and furthering public understanding of the role medical cannabis can play as a viable alternative to prescription medication in relieving a variety of chronic medical conditions and illnesses.
This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Company's common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
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